China’s big automaker SAIC sells 51pc of its India business

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SAIC Motor, China’s largest automaker, said its India business unit will receive a US$624 million injection from local investors led by Indian steelmaker JSW Group in a deal to drive the Chinese company further into the world’s third largest car market, reports Caixin. As part of the deal, JSW will acquire a 26 per cent stake in MG Motor India from a SAIC unit for INR26.5 billion (US$307 million). The Indian company and other investors will put an additional INR25.6 billion into MG Motor India,...

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